Recording its concern over the rapid decline in oil prices in recent months, the Conference concurred that stable oil prices – at a level which did not affect global economic growth but which, at the same time, allowed producers to receive a decent income and to invest to meet future demand – were vital for world economic wellbeing. Accordingly, in the interest of restoring market equilibrium, the Conference decided to maintain the production level of 30.0 mb/d, as was agreed in December 2011.

Crude oil tumbled after the announcement. Both West Texas Intermediate and Brent crude touched the lowest levels since 2010, and WTI fell below the $70 level for the first time in more than four years.

January contract for WTI crude sank 6.30 percent to $69.05 per barrel as of 20:46 GMT on NYMEX today. Brent crude tumbled as much as 6.65 percent to $72.58 per barrel on ICE.
If you have any questions and comments on the commodities today, use the form below to reply.